guy wolf is macro strategist at marex speculation and jim moor yo is on constantly on cnbc. unless there's more than one of him. joining from the cme. as i said, a cnbc contributocon. guy, i'll start with you. i just referenced and we had jason trennert say the same thing, traders used to just mainline like fed 85 billion a month. that used to give us a great -- >> how do you know about that? mainline? >> because they're -- >> because they're addicts, traders. and they don't care about structural. they don't care about anything but gimme, gimme from the fed. they weren't even impressed by 85 billion until 2016. are the benefits of this policy to just not be apparent, and the negative effects, you know, coming more into the fore? >> yeah, i mean. a couple of factors. first is the fed are not the only ones out there quantitative easing. when they started they were the only central bank out there, so it had an unusual effect on their currency. whereas now it's much more -- keeping up with everyone else. as things roll off they have to do more just to keep things neutral. when t